BIP Wealth LLC Trims Position in Intercontinental Exchange Inc. (NYSE:ICE)

BIP Wealth LLC decreased its position in shares of Intercontinental Exchange Inc. (NYSE:ICE) by 11.9% during the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 1,249 shares of the financial services provider’s stock after selling 169 shares during the quarter. BIP Wealth LLC’s holdings in Intercontinental Exchange were worth $215,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of ICE. Vanguard Group Inc. grew its position in shares of Intercontinental Exchange by 1.0% during the fourth quarter. Vanguard Group Inc. now owns 52,228,177 shares of the financial services provider’s stock worth $7,782,521,000 after purchasing an additional 538,670 shares in the last quarter. Geode Capital Management LLC grew its holdings in Intercontinental Exchange by 2.8% during the 4th quarter. Geode Capital Management LLC now owns 11,883,252 shares of the financial services provider’s stock valued at $1,765,317,000 after buying an additional 327,637 shares in the last quarter. Royal Bank of Canada grew its holdings in Intercontinental Exchange by 132.9% during the 4th quarter. Royal Bank of Canada now owns 9,121,352 shares of the financial services provider’s stock valued at $1,359,173,000 after buying an additional 5,204,309 shares in the last quarter. Norges Bank bought a new stake in shares of Intercontinental Exchange during the fourth quarter valued at approximately $1,196,258,000. Finally, Northern Trust Corp lifted its holdings in shares of Intercontinental Exchange by 9.7% in the fourth quarter. Northern Trust Corp now owns 7,422,007 shares of the financial services provider’s stock worth $1,105,953,000 after buying an additional 655,247 shares in the last quarter. Institutional investors own 89.30% of the company’s stock.

Intercontinental Exchange Stock Down 1.1%

NYSE:ICE opened at $179.80 on Wednesday. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.00 and a quick ratio of 1.00. Intercontinental Exchange Inc. has a 1-year low of $142.29 and a 1-year high of $183.99. The company has a 50-day moving average of $178.71 and a 200 day moving average of $168.14. The firm has a market cap of $103.14 billion, a PE ratio of 37.23, a price-to-earnings-growth ratio of 2.00 and a beta of 1.11.

Intercontinental Exchange (NYSE:ICE) last posted its quarterly earnings results on Thursday, May 1st. The financial services provider reported $1.72 EPS for the quarter, beating the consensus estimate of $1.70 by $0.02. Intercontinental Exchange had a net margin of 22.84% and a return on equity of 13.27%. The business had revenue of $2.47 billion during the quarter, compared to analyst estimates of $2.44 billion. During the same quarter in the previous year, the business posted $1.48 EPS. The company’s quarterly revenue was up 8.0% compared to the same quarter last year. As a group, research analysts anticipate that Intercontinental Exchange Inc. will post 6.73 EPS for the current fiscal year.

Intercontinental Exchange Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, June 13th were given a dividend of $0.48 per share. This represents a $1.92 annualized dividend and a yield of 1.07%. Intercontinental Exchange’s dividend payout ratio (DPR) is presently 39.75%.

Insiders Place Their Bets

In related news, Director Sharon Bowen sold 795 shares of the stock in a transaction that occurred on Tuesday, July 1st. The shares were sold at an average price of $183.30, for a total transaction of $145,723.50. Following the completion of the sale, the director owned 15,000 shares of the company’s stock, valued at $2,749,500. This represents a 5.03% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Jeffrey C. Sprecher sold 150,000 shares of Intercontinental Exchange stock in a transaction on Wednesday, June 4th. The stock was sold at an average price of $179.22, for a total transaction of $26,883,000.00. Following the completion of the transaction, the chief executive officer directly owned 2,101,705 shares in the company, valued at $376,667,570.10. This represents a 6.66% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 226,119 shares of company stock worth $40,524,217. Insiders own 1.00% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have issued reports on ICE. UBS Group lifted their price target on shares of Intercontinental Exchange from $195.00 to $210.00 and gave the company a “buy” rating in a report on Tuesday, July 8th. Barclays lifted their target price on Intercontinental Exchange from $198.00 to $206.00 and gave the stock an “overweight” rating in a report on Thursday, July 10th. Morgan Stanley lifted their target price on Intercontinental Exchange from $181.00 to $192.00 and gave the stock an “equal weight” rating in a report on Monday, May 5th. Bank of America decreased their price target on Intercontinental Exchange from $237.00 to $230.00 and set a “buy” rating on the stock in a report on Wednesday, April 2nd. Finally, Keefe, Bruyette & Woods lifted their price objective on shares of Intercontinental Exchange from $183.00 to $189.00 and gave the stock an “outperform” rating in a research note on Friday, May 2nd. Three research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Intercontinental Exchange currently has a consensus rating of “Moderate Buy” and an average price target of $194.42.

Intercontinental Exchange Company Profile

Intercontinental Exchange, Inc, together with its subsidiaries, engages in the provision of market infrastructure, data services, and technology solutions for financial institutions, corporations, and government entities in the United States, the United Kingdom, the European Union, Singapore, India, Abu Dhabi, Israel, and Canada.